The past seven days turned into a bloodbath across the entire cryptocurrency market, which dropped below $1 trillion in terms of total capitalization. This happens for the first time since January 14th.

The decline comes on the back of a lot of negative macroeconomic developments, so let’s unpack.

First things first, Bitcoin’s price is trading around $20,000, albeit slightly below it at the time of this writing. The intraday low sits at $19,549 on Binance and BTC is down about 15% in the past seven days. Most of the losses happened during the last 24 hours, though.

The rest of the market is no different. Ethereum is also down 15%, BNB – 9.1%, Dogecoin – 20%, MATIC – 17.7%, SOL – 20.5%, and so forth – you get the picture. The only notable exception is XRP. Interestingly, it’s down only 2% and is the best performer among the top 10, so to speak.

The crash took place throughout the past 24 hours and not without a good set of reasons. First, Silicon Valley Bank – a major financial institution with a quarter trillion in deposits – saw its stock crash by roughly 70%, after it attempted (and failed) to raise funds through a share sale to patch some massive $1.8 billion hole. Investors got worried about their funds, which impacted the entire sector negatively.